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Agenda Section: 9 •1 <br /> 00�Jo�D� REQUEST FOR COUNCIL CONSIDERATION Report Number: 9 2—2 4 0 C <br /> Report Date: 4/22/92 <br /> STAFF REPORT Council Action: <br /> ❑ Special Order of Business <br /> CITY COUNCIL MEETING DATE APRIL 2 7, 19 9 2 ❑ Public Hearings <br /> ❑ Consent Agenda <br /> [a Council Business <br /> Item Description: RENEWAL OF CITY INSURANCE POLICIES FOR 1992 — 1993 <br /> Administrator's Review/Recommendation: <br /> - No comments to supplement this report S1118.- <br /> - Comments attached. <br /> ExplanationJSummnry (attach supplement sheets as necessary.) <br /> SUMMARY; <br /> The City's insurance agent, Charles Clysdale of the Maguire Agency, and I prepared applications for the renewal <br /> of the City's various insurance policies and we have obtained a quotation from the League of Minnesota Cities <br /> Insurance Trust (LMCIT). The renewal quotation is attached for your review. A section of the quotation <br /> entitled "Premium Comparison" compares in detail the premiums paid in 1991 to the 1992 renewal. Overall, the <br /> 1992 renewal premiums are $514 less than the 1991 premiums. A brief comparison is listed below. <br /> 1991/1992 Premiums vs. 1992/1993 Premiums <br /> 1991/1992 1992/1993 Variance <br /> Workers Comp $ 53,069 $ 58,246 + $ 5,177 <br /> LMCIT(Property, <br /> Liability, Auto, <br /> etc.) $ 81,407 $ 75,044 - $ 6,363 <br /> Boiler & Machinery <br /> $ 4,417 $ 5,089 + $ 672 <br /> I o-fa1 Premiums $-138,893 $ 13$149 --$514 <br /> Workers Compensation premiums have increased due to increased payrolls and increased rates for some <br /> classifications of workers. This increase was lessened somewhat by a decrease of rates in some classifications, <br /> however, the largest classification (police officers) had a rate increase from $5.48 to $6.96 per $100 of covered <br /> payroll. <br /> Donald Brager, Finance D. for <br /> RECOMMENDATION; <br /> Council authorize the renewal of the City's insurance coverages through the Maguire <br /> Agency at a cost of$138,279 (includes the increase in the employee bond coverage) for a $5,000 deductible. <br /> Alternative: $132,820 for a $10,000 deductible and authorize staff to prepare a resolution for Council <br /> consideration which establishes a self insurance account. <br />